Angel network Calcutta Angels Network announced a partnership with Mumbai Angels wherein both the angel networks will be working together as a single team. With this collaboration, the duo will aim to bring the best, curated deals to their member base, faster deal closures with their combined strength, a standardised deal closure framework and active management of the investment portfolio.
In a media release, Calcutta Angels Network stated, “Our partnership with Mumbai Angels Network will ensure our members get access to the best-in-class startups from across the country. We are also looking forward to extending the full membership experience that being a part of a larger network offers, including investing best practices, learning sessions, active portfolio management and active pitching of our invested portfolio to the next level investors. We are excited to partner with MAN in this first of its kind partnership in the country.”
The Angels Network, which started out in 2013, is the first angel investment network in eastern India. With a membership strength of 75, Calcutta Angels Network has invested in 21 startups from across India. Their investments are stage and sector agnostic. These include startups such as legal-tech concierge MyAdvo and Delhi-based healthcare comparison platform LetsMD among others.
Meanwhile, Mumbai Angels Network is one of India’s leading angel investing and mentoring network with 250+ members across four active chapters – Mumbai, Pune, Delhi, and Bangalore. Their portfolio comprises of 90+ ventures across multiple sectors focused primarily on seed and early stage companies. Recent investments include online event booking platform BookEventz, real estate tech startup FalconBrick, and online tea brand Vahdam Teas among others.
Nandini Mansinghka, Chairperson, Mumbai Angels Network stated, “We are excited to partner with Calcutta Angels in Eastern India. With our nationwide reach of four chapters (Mumbai, Delhi, Bangalore and Pune) Mumbai Angels Network has the first access to the best startups in the country. With our innovative, process driven investing, we are able to steer the entire investment process smoothly right from curating deals, deal negotiations, deal documentations to actively managing the invested portfolio and working closely with the next level investors for exits. We are honoured to be associated with Calcutta Angels as a partner to bring the same rigour and innovation in angel investing to their member-base.”
Interestingly the collaboration between the two angel networks comes within the same week as the Silicon Valley-headquartered AngelList announced the launch of its Syndicates platform in India. It will be interesting to see how the partnership between Calcutta Angels Network and Mumbai Angels enable more investors access to the top investment deals in the ecosystem while competing with globally renowned platforms like AngelList.